SKY DEBT CONSULTING
Government recognised that over-indebtedness is a serious problem in our society with painful consequences for individuals and families. On the 1 June 2007, the National Credit Act came into effect. In this Act the government made provision for debt counselling, which is a legal process whereby a consumer who is over-indebted may be granted protection while negotiating a more affordable repayment plan with his/her credit providers. The Act makes allowance to reduce monthly installments by extending the term of the debt, thus alleviating the consumers cash flow issues. Should the Credit Providers and the Consumer be unable to reach consensus on a repayment plan, a Magistrates Court will make a determination based on the Consumers unique circumstances. Regardless, the ultimate aim of the debt counselling process is to obtain a court order detailing a restructured payment plan based on the affordability of the Consumer.
YOU NEED TO QUALIFY
In order to enjoy the benefits of debt counselling a Consumer must, on the balance of probability, be proven to be over-indebted. This means that after deducting your reasonable living expenses from you nett income, you must not have enough cash to repay your total monthly debt obligations timeously.
YOU WILL NOT BE ABLE TO ACCESS CREDIT
While enjoying the protection of debt counselling, a consumer may not apply for or be granted any further credit. You will be listed on all the major credit bureaux as being under debt review upon receipt of an application for debt review. When all the debts under review have been repaid, you will receive a clearance certificate from myself. Once the clearance certificate is issued all credit bureaux must expunge all information of the debt review and the credit agreements under review from its records.
THERE IS NO PAYMENT HOLIDAY
Whilst under debt review you are still expected to fulfil your debt obligations to the best of your ability. This does not mean that you have to pay the full amount. I analyse my clients finances and make recommendations as to the reduced amount they should pay. This is important because credit providers can terminate the debt review after 60 days, and they normally make their decision based on whether any monies have been paid into their accounts or not.
HOW DO I AFFORD FEES WHEN I AM ALREADY IN DEBT?
The fees for the Debt Counsellor form part of your negotiated payment proposal. This means that you do not need to secure any additional cash to pay the Debt Counsellor. And you do not pay the Debt Counsellor directly, all payments are made via a Payment Distribution Agency who is registered with the NCR. At SKY DEBT CONSULTING, we use African Bank PDS. You make a single payment to them, and they will distribute payments to your credit providers and myself. I personally check these payments and send proof to my clients every month.
WHAT DO I HAVE TO PAY?
The Debt Counsellors Association of South Africa have issued guidelines for fees. You pay a once off upfront fee and then a monthly aftercare fee to the Debt Counsellor. You pay a fee for every amount distributed to a credit provider by the PDA. You also pay a once off attorneys fee to obtain the court order. All of these fees form part of your payment plan, and as such you do not require any additional cash. At SKY we are sensitive to the peculiarities of your situation, and our fees are usually much lower than the maximums recommended by DCASA, and are amongst the most competitive in the industry.
WILL MY INTEREST BE REDUCED?
The Act does not provide for this. However the industry has certain norms in that different types of credit agreements will have maximum extended terms. If your debt cannot be resolved within these periods, the credit providers will reduce your interest first to prime and then to zero percent to get your debt to resolve. I belong to the National Debt Mediation Association, which is an organisation formed by Debt Counsellors and Credit Providers. Interest reduction under these circumstances is part of the agreement we have.
WHAT ABOUT LEGAL ACTION?
Unfortunately if a Credit Provider has already instituted legal action against yourself, that credit agreement cannot be included in your debt review. You may still apply, however the obligations under that particular credit agreement will have to be fulfilled under the original terms.
THE APPLICATION?
You will need your ID book, proof of address, proof of income and proof of living expenses and debt obligations. You must then fill out the statutory Form 16, which is the official application form. If you are married in community of property, both you and your spouse must make a joint application.
THE PROCESS
I do not do Internet Debt Counselling. I need to personally consult with every client and review their finances. If debt review is the best option, I then provide you with a Fees Disclosure and Form 16. You then pay R50 and I give you a receipt. We then do a counselling session where we look at circumstances, behaviours, values and actions that contributed to your over-indebtedness with the aim of ensuring a properous life for yourself in the future and we work out a more affordable lifestyle for yourself. Everything is done with your full participation and consent. I maintain close contact with all my clients, and thus far no one has complained of not hearing from me or being left in the dark. I will call or e-mail you regularly and you will participate in the decision making throughout the process.
IF YOU ARE OVER-INDEBTED
and are looking for a professional and effective service focussed on your specific needs, contact me. I am based in Phoenix, Durban and I also consult after hours. This is very convenient for most clients. If your circumstances are sufficiently compelling, we can also consult on a weekend. I do consult at clients premises on request.
MY QUALIFICATIONS
My NCR registration number is NCRDC1518.
My NDMA registration number is NDMA 1002302 DM
I have a Degree in Chemical Engineering, BScEng (Chem) UDW
CONTACT
INDERASAN MUNIEN
Cellphone : 079 780 0693
Telephone : 031 539 2545
e-mail : munien@vodamail.co.za
YOU NEED TO QUALIFY
In order to enjoy the benefits of debt counselling a Consumer must, on the balance of probability, be proven to be over-indebted. This means that after deducting your reasonable living expenses from you nett income, you must not have enough cash to repay your total monthly debt obligations timeously.
YOU WILL NOT BE ABLE TO ACCESS CREDIT
While enjoying the protection of debt counselling, a consumer may not apply for or be granted any further credit. You will be listed on all the major credit bureaux as being under debt review upon receipt of an application for debt review. When all the debts under review have been repaid, you will receive a clearance certificate from myself. Once the clearance certificate is issued all credit bureaux must expunge all information of the debt review and the credit agreements under review from its records.
THERE IS NO PAYMENT HOLIDAY
Whilst under debt review you are still expected to fulfil your debt obligations to the best of your ability. This does not mean that you have to pay the full amount. I analyse my clients finances and make recommendations as to the reduced amount they should pay. This is important because credit providers can terminate the debt review after 60 days, and they normally make their decision based on whether any monies have been paid into their accounts or not.
HOW DO I AFFORD FEES WHEN I AM ALREADY IN DEBT?
The fees for the Debt Counsellor form part of your negotiated payment proposal. This means that you do not need to secure any additional cash to pay the Debt Counsellor. And you do not pay the Debt Counsellor directly, all payments are made via a Payment Distribution Agency who is registered with the NCR. At SKY DEBT CONSULTING, we use African Bank PDS. You make a single payment to them, and they will distribute payments to your credit providers and myself. I personally check these payments and send proof to my clients every month.
WHAT DO I HAVE TO PAY?
The Debt Counsellors Association of South Africa have issued guidelines for fees. You pay a once off upfront fee and then a monthly aftercare fee to the Debt Counsellor. You pay a fee for every amount distributed to a credit provider by the PDA. You also pay a once off attorneys fee to obtain the court order. All of these fees form part of your payment plan, and as such you do not require any additional cash. At SKY we are sensitive to the peculiarities of your situation, and our fees are usually much lower than the maximums recommended by DCASA, and are amongst the most competitive in the industry.
WILL MY INTEREST BE REDUCED?
The Act does not provide for this. However the industry has certain norms in that different types of credit agreements will have maximum extended terms. If your debt cannot be resolved within these periods, the credit providers will reduce your interest first to prime and then to zero percent to get your debt to resolve. I belong to the National Debt Mediation Association, which is an organisation formed by Debt Counsellors and Credit Providers. Interest reduction under these circumstances is part of the agreement we have.
WHAT ABOUT LEGAL ACTION?
Unfortunately if a Credit Provider has already instituted legal action against yourself, that credit agreement cannot be included in your debt review. You may still apply, however the obligations under that particular credit agreement will have to be fulfilled under the original terms.
THE APPLICATION?
You will need your ID book, proof of address, proof of income and proof of living expenses and debt obligations. You must then fill out the statutory Form 16, which is the official application form. If you are married in community of property, both you and your spouse must make a joint application.
THE PROCESS
I do not do Internet Debt Counselling. I need to personally consult with every client and review their finances. If debt review is the best option, I then provide you with a Fees Disclosure and Form 16. You then pay R50 and I give you a receipt. We then do a counselling session where we look at circumstances, behaviours, values and actions that contributed to your over-indebtedness with the aim of ensuring a properous life for yourself in the future and we work out a more affordable lifestyle for yourself. Everything is done with your full participation and consent. I maintain close contact with all my clients, and thus far no one has complained of not hearing from me or being left in the dark. I will call or e-mail you regularly and you will participate in the decision making throughout the process.
IF YOU ARE OVER-INDEBTED
and are looking for a professional and effective service focussed on your specific needs, contact me. I am based in Phoenix, Durban and I also consult after hours. This is very convenient for most clients. If your circumstances are sufficiently compelling, we can also consult on a weekend. I do consult at clients premises on request.
MY QUALIFICATIONS
My NCR registration number is NCRDC1518.
My NDMA registration number is NDMA 1002302 DM
I have a Degree in Chemical Engineering, BScEng (Chem) UDW
CONTACT
INDERASAN MUNIEN
Cellphone : 079 780 0693
Telephone : 031 539 2545
e-mail : munien@vodamail.co.za
